Chennai: Piramal Capital & Housing Finance, a subsidiary of Piramal Enterprises Limited, has sanctioned an INR 200 crore facility to the Appaswamy Group (Appaswamy) via a structured equity transaction to enable the acquisition of 3.34 acres (~60 grounds) land in Kotturpuram, the heart of Chennai.
Appaswamy is one of the largest developers in Chennai and has completed more than 10mn sq. ft. till date. Appaswamy acquired this land parcel on River View Road, Kotturpuram, from the TVH Group. The company plans to develop a premium residential project with potential sales revenue totalling in excess of INR1000 crore.
Khushru Jijina, Managing Director, Piramal Capital & Housing Finance, said, “We are pleased to have partnered with the Appaswamy Group for this project which is situated in a preeminent location within the City of Chennai. The Appaswamy Group has a strong record of execution and delivery and we are happy to be associated with them to enable the delivery of this landmark residential development.”
He further added, “Within South India, Chennai is an important market for Piramal Capital & Housing Finance. Since inception in 2014, we have sanctioned and disbursed INR 3500 crores in Chennai market. With consolidation in the industry, we continue to explore strategic opportunities with partners that are focused on seamless execution, high-quality developments, and timely delivery.”
Within the real estate space, Piramal Capital & Housing Finance, through its financial partnership model is uniquely capable of catering to the entire capital stack – right from early stage equity to late-stage debt, construction finance, lease rental discounting, bulk buying apartments and housing finance solutions.
Ravi Appasamy, Managing Director, Appaswamy Group, said “We are delighted to partner with Piramal Capital & Housing Finance. In Piramal, we found a deeply committed and knowledgeable partner who bring with them a rich experience in real estate along with a scale & breadth of offerings in financing. We look forward to a long-term and mutually beneficial relationship as we continue on our path towards success.”